StanChart 9-month operating profit down 19% to US$4.8bn

    Standard Chartered (02888) said its third quarter income rose 1% to US$4.5 billion. Year to date income fell 3% to US$13.8 billion. Within this, client income, which represents over 90% of group income, was more resilient, down 2% year to date. Own account income was down 14% year to date.
  Costs in the third quarter rose 4% to US$2.5 billion. Group expenses for the year to date rose 2% to US$7.6 billion, or less than 1% excluding regulatory and compliance costs.
  Total impairment in the quarter was US$539 million, up US$250 million on the third quarter of 2013. Year to date total impairment was US$1.6 billion. Within this, loan impairment in Retail Clients, which represents over 50% of total loan impairment, was broadly flat year on year in both the third quarter and year to date.
  The increase in loan impairment related to a small number of accounts, primarily in the Corporate and Institutional Clients segment, some of which have been affected by weak commodity markets. 
  As a result of the above, the group's operating profit in the third quarter was US$1.5 billion, down 16% year on year. Year to date operating profit of US$4.8 billion was down 19 per cent compared with the same period last year.